Wednesday saw the first Labour Budget for 14 years and the first by a woman. There was much to commend it in that it began to shift the balance away from favouring the wealthy towards creating a more equal society.

The number of millionaires in the UK increased by 41% since 2010, and according to the Equality Trust wealth inequality in the UK has increased since 2010, with the richest 1% of the population owning the same wealth as 80% of the population.

There was a welcome boost to the NHS with an extra £22bn for front-line services aimed at bringing down waiting times. In addition, there’s another £3bn capital investment for equipment and buildings.

The additional £600 million announced for Social Care though welcomed is substantially less than what has been allocated to the NHS, and amongst the many policy announcements made by Labour yesterday, I saw nothing about reforming Social Care.

Until we get a commitment radically transform our NHS and Social Care systems bringing them together as one, both will continue to struggle. A point that was well made yesterday by the Liberal Democrat Leader Ed Davey.

Other than this there was a lack of a commitment to help build back trade with Europe by repairing the damage done by a botched Brexit deal and finding a way forward towards closer ties with our closest trading partner. This would make sense in environmental terms if nothing else.

Here are some of the other key points from Rachel Reeves’s Autumn Statement.

• Rates of Income Tax and National Insurance paid by employees, and VAT to remain the same.
• Income Rax Thresholds will rise in line with inflation but not until after 2028.
• A new tax of £2.20 per 10ml of Vaping Liquid to be introduced in October 2026.
• Tabacco Tax will increase by 2% above inflation, Rolling Tabacco will go up by 10% above inflation.
• Tax on Draught Alcoholic drinks will be reduced by 1.7%. Non- Draught Alcoholic Drinks will increase by RPI.
• £6.7bn earmarked for investment into Education next year. Of which £1.4bn will go to rebuilding 500 schools.
• Private schools will be subject to 20% on fees for all school terms from January 2025
• An additional £500m this year towards a much-needed boost in affordable homes.
• The Minimum Wage for the over 21s will rise from £11.44 per hr to £12.21 per hr from April next year. The rate for 18- to 20-year-olds will increase from £11.44 per hr to £10 per hr also from April next year.
• Stamp Duty Surcharge paid on second homes purchases to go up from 3% to 5%.
• Tax paid by Private Equity Managers on share of profits from successful deals set to rise from 28% to 32% from April 2025.Basic Rate Capital Gains Tax on profits from selling shares to increase from 10% to 18%. The Higher Rate will rise from 20% to 24%.
• Inheritance Tax Threshold freeze will be extended from 2028 to 2030.
• The current 5% cut in Fuel Duty on Petrol and Diesel due to end April 2025 will be extended to April 2026.
• The £2 Cap on bus fares which was due to end next month is to be extended for another year. However, it will be increased to £3.
• All Passenger Duty on Private Jet Flights to increase by 50%.
• A commitment to fund the tunnelling work needed to take HS2 to Euston train station in Central London.

The debate around the finer points of the Budget will continue both in Parliament and in the media for a little while yet. The Finance Bill will run through scrutiny in Select Committees, the House of Lords and the Commons before passing into Law though some changes will have been put in place from yesterday as explained in my previous post on this subject.

This Budget like all those that have gone before it won’t suite everyone. Will it achieve what the Government has set out to achieve? Only time will tell.